Apple assumed with a Neutral at DA Davidson

DA Davidson analyst Gil Luria assumed coverage of Apple with a Neutral rating and $166 price target. The stock’s current price already reflects expectations for a significant resumption of growth, which is less likely without an innovation breakthrough, the analyst tells investors in a research note. Apple will return to a “moderate” rate of growth this year thanks to its Services business and easier Mac compares, the firm states, adding however that it prefers to wait for Apple to get “unstuck” on the innovation front in order to generate upgrade growth in its current products and add new products.